SHE:002496 Cash Flow Statement

Financials in millions CNY. Fiscal year is January - December.

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Jan '23 Jan 1, 2023	Jan '22 Jan 1, 2022
Net Income	-214.43	-155.09	-467.33	-454.95	307.74
Depreciation & Amortization	37.2	37.69	42.66	45.11	137.94
Other Amortization	4.28	2.75	2.82	2.89	3.17
Loss (Gain) From Sale of Assets	-4.36	-77.54	-0.61	-18.83	-1.47
Asset Writedown & Restructuring Costs	63.94	44.73	10.16	15.13	136.43
Loss (Gain) From Sale of Investments	42.36	187.43	205.07	68.8	-745.79
Provision & Write-off of Bad Debts	-29.86	3.16	87.48	37.58	61.04
Other Operating Activities	20.69	19.04	26.32	214.3	-29.5
Change in Accounts Receivable	42.55	-42.78	102	-13.71	-318.94
Change in Inventory	-10.01	33.49	-25.3	10.73	500.78
Change in Accounts Payable	39.19	-105.55	-17.17	42.36	27.39
Change in Other Net Operating Assets	-0.81	-4.56	-0.19	0.01	-0.55
Operating Cash Flow	-20.11	-41.47	-21.29	-36.77	74.25
Operating Cash Flow Growth	-	-	-	-	-70.00%
Capital Expenditures	-4.8	-18.57	-37.18	-62.49	-143.78
Sale of Property, Plant & Equipment	1.52	38.39	1.5	46.7	4.24
Cash Acquisitions	-5.93	-	-	-	-
Divestitures	-	-	-	-	625.04
Investment in Securities	3.58	-0.74	0.52	65.02	32.77
Other Investing Activities	44.03	42.8	29.4	18.21	35.68
Investing Cash Flow	38.39	61.88	-5.77	67.44	553.79
Long-Term Debt Issued	303.36	298	370	301.34	957.82
Total Debt Issued	303.36	298	370	301.34	957.82
Long-Term Debt Repaid	-309.4	-327.09	-290.59	-379.92	-1,681
Total Debt Repaid	-309.4	-327.09	-290.59	-379.92	-1,681
Net Debt Issued (Repaid)	-6.04	-29.09	79.41	-78.58	-722.74
Common Dividends Paid	-16.74	-17.63	-17.98	-18.83	-31.3
Other Financing Activities	0.01	-	-1.86	-3.27	-121.61
Financing Cash Flow	-22.78	-46.72	59.57	-100.68	-875.65
Foreign Exchange Rate Adjustments	0.31	1.5	-1.92	-0.53	-1.67
Net Cash Flow	-4.19	-24.8	30.59	-70.54	-249.28
Free Cash Flow	-24.91	-60.04	-58.48	-99.26	-69.53
Free Cash Flow Margin	-7.58%	-21.44%	-25.30%	-37.10%	-6.35%
Free Cash Flow Per Share	-0.02	-0.04	-0.04	-0.07	-0.04
Cash Income Tax Paid	1.25	10.47	9.38	-6.3	3.47
Levered Free Cash Flow	-19.66	35.33	-68.32	-33.91	-3.15
Unlevered Free Cash Flow	-7.18	46.5	-56.94	-22.46	8.06
Change in Working Capital	60.07	-103.63	72.14	53.19	204.69

Source: S&P Global Market Intelligence. Standard template. Financial Sources.